Thyssenkrupp and Tata Steel established Saturday a joint venture that will create Europe’s second-largest steelmaker, CNBC reports. The combined venture, to be named Thyssenkrupp Tata Steel, will have about 48,000 workers and $19.9 billion in revenue.

"The joint venture not only addresses the challenges of the European steel industry," Thyssenkrupp CEO Heinrich Hiesinger said. "It is the only solution to create significant additional value of around €5 billion for both Thyssenkrupp and Tata Steel due to joint synergies which cannot be realized in a standalone scenario."

Tesla Production

After numerous delays, Tesla recently reached a critical milestone when the electric vehicle manufacturer produced more than 5,000 of its Model 3 sedans in the last week of the second quarter, Bloomberg reports. The question now, however, is whether Tesla can sustainably maintain this pace.

Canada Tariffs

Canada struck back against U.S. steel and aluminum tariffs Sunday with its own retaliatory measures, the BBC reports, including a 25% tariff on assorted U.S. metals products and 10% tariffs on more than 250 other U.S. goods like beer kegs, whiskey and orange juice. The duties are estimated to total C$16.6 billion, representing the 2017 value of Canadian metals exports affected by the U.S. measures.

Consumer Spending

And finally, an economic update: U.S. consumer spending cooled in May after several months of stronger gains, edging up just 0.2%, according to USA Today. Inflation as measured by the Federal Reserve, however, rose 2.3% for the 12 months ending in May, the fastest reading in six years.